Busting the biggest myths that hold buyers back from homeownership
Buying a home is one of the most exciting milestones in life. But for many people, the thought of saving for a down payment feels overwhelming. Maybe you’ve told yourself:
“I’ll never save enough.”
“I need a huge down payment to even get started.”
“I guess I’ll just keep renting forever.”
If that sounds familiar, you’re not alone. And the good news is — much of what you’ve heard about down payments simply isn’t true. Once you know the facts, you might realize you’re much closer to owning a home than you think. Let’s bust some of the biggest myths together.
Myth 1: “I Need a Big Down Payment”
This is one of the most common misconceptions. A recent survey found that 70% of Americans believe they need at least 10% down to buy a home. But here’s the reality:
The typical down payment for first-time buyers has been between 6% and 9% since 2018, according to the National Association of Realtors (NAR).
If you qualify for an FHA loan, you may only need 3.5% down.
With a VA loan, you might not need a down payment at all.
So, no — you don’t need a massive amount of cash saved up to buy a home.
Myth 2: “It Takes Forever to Save Up”
Saving for a down payment does take planning, but maybe not as much time as you think. In fact, depending on where you live, many buyers reach their goal sooner than expected.
And remember — in most cases, you don’t need 10% or 20% down. Even a smaller amount could be enough to get you into your first home. With the right savings plan and realistic budget, that dream can be closer than you imagine.
Myth 3: “I Have to Do It All on My Own”
Here’s one of the biggest myths of all: that you’re on your own when it comes to saving. The truth is, there are thousands of down payment assistance programs across the country designed to help buyers just like you.
Yet, nearly 4 in 10 Americans don’t even know these programs exist. That means many renters are already closer to homeownership than they realize — they just haven’t tapped into the resources available.
As Miki Adams, President at CBC Mortgage Agency, puts it:
“With high interest rates and soaring home prices, down payment assistance is more essential than ever.”
Bottom Line
If the down payment has been holding you back, it’s time to rethink what’s possible. You probably don’t need as much as you think, and you don’t have to do it alone. From loan options with low down payments to programs that offer assistance, there are paths forward.
So, let me ask you: if a down payment wasn’t standing in your way, would you be ready to start your home search?